Essential Utilities Inc. reported net income of $69.4 million, or $0.25 per share, for the third quarter ended September 30, 2024. This compares to net income of $80.1 million, or $0.30 per share, for the same period in 2023. Revenues for the quarter increased by approximately 6% to $435.3 million from $411.3 million in Q3 2023, driven by rates, surcharges, increased water sales, and water customer growth.
The company announced the reinstatement of its multi-year earnings guidance, targeting a compounded annual EPS growth rate of 5-7% through 2027, based on a 2024 non-GAAP EPS of $1.97. This guidance excludes any benefit from the pending DELCORA acquisition. Essential also plans to invest nearly $8 billion in infrastructure improvements from 2025 through 2029.
Essential Utilities achieved PUC approval for its Peoples Natural Gas rate case settlement, resulting in an annualized $93 million revenue increase and including a weather normalization mechanism. Aqua Pennsylvania also reached a settlement for its rate case, which will be filed for PUC review and approval.
The company invested approximately $932.5 million in infrastructure during the first nine months of 2024 and is on track to invest $1.3 to $1.4 billion for the full year. These investments include $450 million for PFAS mitigation and ongoing replacement of aging water and natural gas infrastructure.
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